Amidst ‘Accelerating Demand Among Institutions,’ Fidelity Joins The Race to Launch A Bitcoin ETF
Fidelity has become the latest one to apply for a Bitcoin exchange-traded fund (ETF).
“The digital assets ecosystem has grown significantly in recent years, creating an even more robust marketplace for investors and accelerating demand among institutions. An increasingly wide range of investors seeking access to bitcoin has underscored the need for a more diversified set of products offering exposure to digital assets.”
The race to launch a Bitcoin ETF continues to see more and more participants competing. Earlier this week, former Trump administration White House communications director Anthony Scaramucci jumped in with his SkyBridge Capital joining forces with First Trust Advisors.
Fidelity Service Company would be serving as an administrator while the asset manager’s crypto-focused Fidelity digital Assets will act as the custodian.
“The Trust provides investors with the opportunity to access the market for bitcoin through a traditional brokerage account without the potential barriers to entry or risks involved with holding or transferring bitcoin directly, acquiring it from a bitcoin spot market, or mining it,” notes the filing.
This application comes a month after the first-ever Bitcoin ETF was launched in Canada.